Core Insights - The trend of leadership changes in the environmental protection sector continues, with over 10 listed companies changing their top executives by July 2025, indicating a shift in operational strategies and competitive dynamics in the market [1] Group 1: Company Leadership Changes - Chengfa Environment announced the resignation of Chairman Bai Yang on March 6, 2025, due to work changes, and elected Huang Xinmin as the new chairman on March 29, 2025 [2] - Sanfeng Environment elected Liao Gaoshang as the new chairman and Si Jingzhong as the vice chairman on March 18, 2025, along with the establishment of four specialized committees [3] - Green Power reported the resignation of Chairman Qiao Dewai on April 14, 2025, and appointed Executive Director Cheng Suning to perform the chairman's duties on May 17, 2025 [4] - Boschke announced the resignation of Chairman Zhang Yujia on April 24, 2025, and elected Pan Xiaobin as the new chairman on May 28, 2025 [5] - Zhonglv Electric elected Zhou Xiankun as chairman on May 7, 2025 [6] - Rongsheng Environmental announced the resignation of Chairman Feng Ronghua due to retirement on May 24, 2025, and appointed Feng Shengyu as the new chairman [7] - Huakong Saige reported the resignation of Chairman Wei Bingzhang and other executives on June 3, 2025, due to personnel adjustments [8] - Taihe Water elected Wu Jing as chairman on June 10, 2025 [9] - Jieneng Guozhen confirmed Peng Yunqing as chairman on June 10, 2025 [10] - Qianjiang Water elected Wang Dongquan as chairman on July 11, 2025, following the resignation of Xue Zhiyong [11] - Liyuan Technology announced the resignation of Chairman Shen Wanzhong on July 30, 2025 [12] Group 2: Changes in State-Owned Enterprises - Shandong Environmental Science Institute underwent leadership changes in April 2025, with former Chairman Ding Zhenbo replaced by Vice Chairman Bian Xingyu [13] - Shandong Environmental Development Group appointed Wang Li as the new chairman on June 14, 2025, replacing Ding Zhenbo [14] - Beijing Sanitation Group announced leadership changes on July 3, 2025, with He Liang appointed as chairman [15]

Macro Strategy - The chemical sector has seen continuous catalysts on both supply and demand sides since 2024, with the current "anti-involution" trend enhancing the market outlook, driven by a favorable fundamental environment and potential valuation uplift from emerging industries [1][23] - More than half of the existing convertible bonds in the chemical sector are issued at the peak of the cycle, currently entering or about to enter the redemption period, coinciding with an upward cycle, leading to more proactive debt conversion measures [1][23] - The majority of chemical convertible bonds are small-cap, which, combined with their near-term characteristics, amplifies the asymmetry of returns [1][23] Currency Exchange Rate - The RMB central parity has shown a gradual appreciation trend, with the exchange rate expected to challenge the 7.15 range again, and the spot exchange rate may drop to the 7.10-7.15 range in August [1][25] - The recent strengthening of the RMB is supported by optimistic expectations from US-China trade negotiations and a robust domestic stock market [1][25] Anti-Involution Policy - The "anti-involution" price governance aims to address three main objectives: short-term regulation of price wars, medium-term capacity reduction to promote supply-demand balance, and long-term price recovery, particularly in PPI [2][26] - The previous supply-side reforms led to a 10-month recovery in PPI, and under neutral assumptions, a similar recovery may take 11-12 months, potentially reaching around 1.9% by September next year [2][26] Industry Rotation - The market is expected to remain optimistic in the third quarter, with a focus on sectors that align with upcoming policies and key events, particularly those benefiting from the "anti-involution" strategy [3][5] - Suggested sectors for investment include those with potential short-term demand improvements, such as photovoltaic, coal, and chemical industries, as well as technology sectors with recent catalysts [5][3] Company-Specific Insights - Xidi Microelectronics is positioned as a leading player in the analog chip sector, with a projected revenue growth of 32.10% year-on-year for the first three quarters of 2024, driven by significant contributions from its audio coil motor driver chip product line [11][12] - Minshida reported a 27.91% year-on-year revenue increase in its 2025 mid-year report, with expectations for continued growth in the transformer market driven by demand from sectors like new energy vehicles and wind power [13] - Gaomei's second-quarter performance is expected to turn profitable due to supply-side optimization driven by the "anti-involution" policy, with N-type silicon wafer prices rising to 1.1 yuan per piece [14][15]

债券受托管理人 二〇二五年七月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《绿色 动力环保集团股份有限公司 2021 年公开发行可转换公司债券之受托管理协议》（以下简 称"《受托管理协议》"）《绿色动力环保集团股份有限公司公开发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）等相关公开信息披露文件、第三方机构出具 的文件等，由本期债券受托管理人中信建投证券股份有限公司（以下简称"中信建投证 券"）编制。中信建投证券对本报告中所包含的发行人、第三方机构出具文件的引述内 容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 证券代码：601330 证券简称：绿色动力 债券代码：113054 债券简称：绿动转债 绿色动力环保集团股份有限公司 公开发行 A 股可转换公司债券 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的承诺或声明。 在任何情况下，投资者依据本报告所进行的任何作为或不作为，中信建投证券不承担任 何责任。 中信建投证 ...

证券代码：601330 证券简称：绿色动力 债券代码：113054 债券简称：绿动转债 绿色动力环保集团股份有限公司 公开发行 A 股可转换公司债券 2025 年度第三次临时受托管理事务报告 债券受托管理人 二〇二五年七月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《绿色 动力环保集团股份有限公司 2021 年公开发行可转换公司债券之受托管理协议》（以下简 称"《受托管理协议》"）《绿色动力环保集团股份有限公司公开发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）等相关公开信息披露文件、第三方机构出具 的文件等，由本期债券受托管理人中信建投证券股份有限公司（以下简称"中信建投证 券"）编制。中信建投证券对本报告中所包含的发行人、第三方机构出具文件的引述内 容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的承诺或声明。 在任何情况下，投资者依据本报告所进行的任何作为或不作为， ...

Summary of Green Power's Conference Call Company Overview - **Company**: Green Power - **Industry**: Waste Incineration Power Generation Key Points and Arguments Operational Performance - In the first half of 2025, the waste intake increased by 2% year-on-year, with power generation and grid-connected electricity both rising by nearly 2% [2][10] - Heating supply surged by 116% year-on-year, indicating strong growth in the heating business without new capacity additions [2][10] - In Q2 2025, waste intake reached 3.72 million tons, a 5% year-on-year increase, while total power generation was 1.3031 billion kWh, up 3.5% year-on-year [4] Investment Value of the Industry - The waste incineration power generation industry is characterized by stable project returns due to fixed electricity prices and the necessity of environmental protection [5][7] - The industry benefits from a franchise model that ensures no competition for 30 years once a project is established, enhancing revenue stability [5][7] - Green Power's dividend payout ratio has increased to 70%, reflecting strong cash flow and low maintenance capital expenditures [2][7] Regulatory Impact - The revision of the national pricing law will promote market-based pricing in public utilities, providing companies with incentives to achieve excess returns and enhancing cash flow security [8] Future Growth Potential - Green Power's operational efficiency is expected to improve through quality enhancement and increased power generation per ton, with significant potential for growth in the heating business [9][17] - The company’s steam supply reached 515,500 tons in the first half of 2025, generating approximately 77 million yuan in revenue, with a high profit margin and no receivables risk [11] Financial Performance - In Q1 2025, the net profit attributable to shareholders increased by 46 million yuan, driven by increased grid-connected electricity revenue, heating income, and cost savings [3][14] - Financial expenses decreased significantly, contributing to performance growth, with a potential further reduction expected in Q2 [13] Overall Market Trends - The waste incineration sector is witnessing a trend towards increased dividends and return on equity (ROE), with Green Power serving as a model for the industry [18] Long-term Outlook - The company is projected to maintain over 20% annual growth, supported by improved free cash flow and reduced capital expenditures [15][16] Additional Important Insights - The heating business is crucial for enhancing operational efficiency, with a significant contribution to net profit due to its favorable market conditions [11][12] - The company is exploring new business areas such as IDC, which could further enhance operational efficiency and ROE [17]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - Since 2024, some waste incineration and water service companies have announced reductions in loan interest rates and financial expenses, which are expected to contribute positively to their performance in a low-interest environment [2][16] - The report emphasizes the importance of focusing on companies with stable performance, increased dividends, valuation recovery, and declining borrowing costs in the waste incineration and water service sectors [6][40] Summary by Sections Debt Situation - Waste incineration and water service projects typically have a high debt financing ratio, often around 70%. These projects require significant upfront investment over 1-2 years, followed by a 20-30 year period to recover costs through operational income [4][17] - As of the end of 2024, the outstanding debt for major companies in the sector includes: - China Everbright International: 91.7 billion HKD - Conch Venture: 28.2 billion HKD - Hanlan Environment: 16.3 billion CNY - Beijing Enterprises Water Group: 75.5 billion CNY - Yuehai Investment: 23.9 billion HKD - Xingrong Environment: 14.8 billion CNY [4][17] Trends in Debt Ratios - The debt ratio for waste incineration companies has shown a declining trend over the past two years, while the increase in water service companies' debt ratios has slowed down [5][21] Impact of Borrowing Costs - Since 2018, interest rates have been on a downward trend, and as new project loan rates decrease, some companies are replacing high-interest loans. This could lead to further reductions in borrowing costs, positively impacting the performance of waste incineration and water service companies [6][31] - The report recommends focusing on companies in the waste incineration and water service sectors that exhibit stable performance and declining borrowing costs, highlighting companies such as Hanlan Environment, Xingrong Environment, China Everbright International, and others [6][40] Performance Sensitivity to Borrowing Costs - If the average borrowing cost decreases by 10, 30, or 50 basis points in 2025, the estimated profit elasticity for leading companies such as Beijing Enterprises Water Group, China Everbright International, and Green Power will be 3.62%, 10.86%, and 18.10% respectively [38] - If the average borrowing cost reaches 2.50% in 2025, the profit elasticity for top companies will be significantly higher, with estimates of 28.28% for Yuehai Investment and 20.57% for Beijing Enterprises Water Group [38] Industry Growth and Transformation - The waste incineration and water service sectors are experiencing steady growth, improved cash flow, and increased dividends. Recent market reforms are pushing the industry towards a transformation from government-oriented (To G) to business and consumer-oriented (To B, To C) models, which is expected to accelerate valuation recovery [6][40]

Core Viewpoint - Xiamen International Bank positions green finance as a strategic core, establishing a comprehensive and multi-level green finance service system, becoming a pioneer "green bank" among city commercial banks in the context of global green transformation [1] Group 1: Strategic Framework - The bank integrates green finance into its overall strategy, issuing the "Green Finance Overall Development Guidelines (2021-2025)" with a focus on innovation, coordination, green development, openness, and sharing [2] - A four-level management system is established, including the board of directors, strategic committee, green finance leadership group, and branch green finance service centers, ensuring coordinated efforts across departments [2] - In 2024, the bank plans to optimize its organizational structure by establishing a green finance committee and creating the first "green branch" in Nanjing [2] Group 2: Service Innovation - The bank implements a differentiated service strategy in green finance, developing innovative products tailored to local and small enterprises, enhancing service levels [3] - By the end of 2024, the bank has issued nearly 800 million yuan in loans to enterprises in the Xiamen green financing enterprise database, significantly reducing financing costs through fiscal subsidies [3] - A case study highlights a technology company receiving a 30 million yuan green syndicate loan, with a fixed financing cost of 2% after fiscal subsidies, projected to generate an annual output value of 400 million yuan [3] Group 3: Sector-Specific Development - The bank focuses on specialized industries, launching the KEB concept for industrial finance, covering 22 green sectors such as photovoltaics, energy conservation, and green building materials [4] - Interest rates are linked to carbon reduction metrics, allowing for rate reductions if companies meet or exceed 100% completion rates [4] - The bank's Fuzhou branch supports shipbuilding companies with specialized loans for overseas business expansion, while the Zhuhai branch explores financial services for marine ranching [4] Group 4: Cross-Border Collaboration - The bank leverages its cross-border financial advantages, integrating green concepts with cross-border investments to promote high-quality green finance development [5] - A strategic cooperation agreement with the Global Financial and Technology Network (GFTN) in Singapore aims to enhance cross-border green finance collaboration [6] - The bank participates in the largest sustainable performance-linked syndicate loan in the Asia-Pacific region, supporting cross-border low-carbon business development [6] Group 5: Digital Transformation - As the first local bank in Xiamen to launch a green finance system, the bank develops a comprehensive service platform called "Green Finance通" utilizing AI and big data for intelligent business identification and risk warning [7] - By the end of 2024, the platform has recognized over 300,000 green business transactions, saving more than 1,000 man-hours per month [7] - The bank also introduces a "green finance section" in its mobile banking app, promoting low-carbon travel and offering online products with quick approvals and favorable rates [7]

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated significant growth in heating supply, with a year-on-year increase of 133% in Q2 2025, indicating a strong acceleration in performance [3][8] - The logic of improving Return on Equity (ROE) continues to be validated, with a weighted ROE of 2.27% in Q1 2025, an increase of 0.51 percentage points [8] - The company is entering a stable operational phase, with expectations for continued growth in free cash flow and potential for increased dividends [8] Financial Forecasts - Total revenue is projected to be 3,956 million in 2023, with a decline of 13.39% year-on-year, followed by a recovery in 2024 with a forecasted revenue of 3,399 million [1] - Net profit attributable to the parent company is expected to be 629.28 million in 2023, decreasing by 15.51% year-on-year, but is projected to grow to 649.61 million by 2025, reflecting an 11.03% increase [1] - The latest diluted EPS is forecasted to be 0.45 in 2023, with a gradual increase to 0.55 by 2027 [1] Operational Highlights - In H1 2025, the company achieved a total waste input of 715.43 million tons, a year-on-year increase of 2.10%, and a total power generation of 2.539 billion kWh, up 1.62% year-on-year [8] - The company has significantly increased its steam supply, with a total of 51.55 million tons in H1 2025, representing a 115.69% year-on-year increase [8] - The company has also signed a strategic cooperation agreement with Asian United Infrastructure in June 2025, which is expected to expand its overseas light asset business [8]

| | | 绿色动力环保集团股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》， 绿色动力环保集团股份有限公司（以下简称"公司"）现将公司垃圾处理业务 2025 年第二季度主要经营数据公告如下： | | 上网电价（元/度） | 0.391-0.65 | 0.391-0.65 | | --- | --- | --- | --- | | | 结算电量（万度） | 38,565.92 | 76,083.06 | | | 垃圾进厂量（万吨） | 49.21 | 90.85 | | | 发电量（万度） | 17,175.77 | 31,679.49 | | 华北 | 上网电量（万度） | 14,101.81 | 26,036.90 | | | 上网电价（元/度） | 0.526-0.65 | 0.526-0.65 | | | 结算电量（万度） | 13,459.51 | 25,306.26 | | | 垃圾进厂量（万吨） ...